Just how bad is the student-debt crisis gripping our nation? Well, consider these cold facts: Students in the class of 2010 owed an average of $25,250, according to a recent report issued by the Institute for College Access and Success. (It’s a number that likely would have been much higher if it weren’t for a significant increase in federal grant aid.) Americans’ total amount of outstanding student debt is now a mind-boggling $870 billion. According to the Federal Reserve Bank of New York, that’s more than the total owed on either credit cards or car loans!
It’s a financial disaster. Not only is student debt an albatross for graduates, it’s a constraint on consumer spending and a drag on America’s economic recovery.
We hope more colleges and universities will adopt the policy we’ve had for years at CalSouthern: keep tuition costs reasonable, assure students that their tuition will not increase for as long as they are enrolled and progressing toward their degree, and offer interest-free payment plans that make it possible for students to completely, debt free.
This allows our graduates to focus on building the careers, and lives, they’ve always dreamed of—not on digging themselves out from under a mountain of student debt!